U.S. Treasury's Office of Terrorism and Financial Intelligence

By Yeganeh Torbati WASHINGTON, May 12 – Air strikes, a drop in the price of oil, and counter-smuggling efforts by neighboring countries have combined to cut Daesh’s oil revenues in half to about $250 million per year, a senior U.S. Treasury official said on Wednesday. A U.S.-led coalition has targeted the ultra-hardline Sunni Islamist militant group